Italian company wins auction for stake in OGK-5
Published June 6th, 2007
Italian energy giant Enel has won an auction for the purchase of a 25.03-percent stake in the Russian power generation company OGK-5. The starting price for the lot stood at RUR24.658bn (approx. USD954m). The company made 72 bids and the last one amounted to RUR39.2bn (approx. USD1.52bn). Enel’s main rivals was United Company RUSAL, while NOVATEK and Germany’s E.On pulled out of the auction after several bids.
The starting price had been set in accordance with OGK-5’s market price which was determined by an independent appraisal company. As a result of today’s auction, RAO UES’s stake in OGK-5 will go down from the current 75.03 percent to 50 percent.
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